The following companies and mines have been directly or indirectly affiliated with Chris Cline: He calls coal "a moral imperative" for the world's poor, and describes Massey Energy's Don Blankenship, CEO during the Upper Big Branch Mine Disaster, as one of the coal industry’s "most talented leaders." Affiliations and Mines When the school refused due to lack of scientific support for these theories, he complained to school fundraisers. CEO Chris ClineĬline has tried to distribute literature at his childrens' school suggesting that climate change may be caused by clusters of sunspots or the Earth wobbling on its axis, not just carbon. According to a 2010 article in Bloomberg, Cline is buying locomotives, building a port on the Ohio River, and designing his own oceangoing ships to expand the company's coal mining operations. Other mines include Sugar Camp and Hillsboro. Pond Creek was Cline's first Illinois mine, and uses longwall mining. Demand for high-sulfur Appalachia coal rose, and Cline raised $1.2 billion to build coal mines. Environmental Protection Agency (EPA) required the installation of scrubbers on newer coal plants to lower sulfur dioxide emissions. On February 2, 2012, Foresight Energy Partners LP said it planned to sell up to an estimated $100 million of common units in an initial public offering, to make a distribution to Foresight Reserves, and plans to have its common units listed on the New York Stock Exchange under the symbol FELP. Cline exports 40 percent of his coal, mainly to Europe, and increasingly to China and India. Dennis Kostic, president of the consulting firm Weir International, puts the value at $4 billion. Cline estimates that mining rights to his 4 billion tons of Illinois coal are worth at least $3 billion. Corporate market share of global coal export tradeįoresight Reserves LLC is a private company primarily owned by Chris Cline.Coal-fired power plant capacity and generation.The Paul, Weiss team included, among others, restructuring partners Paul Basta and Alice Eaton and counsel Diane Meyers corporate partners Raphael Russo and Kenneth Schneider and counsel Chaim Theil litigation partner Aidan Synnott tax partner Scott Sontag employee benefits partner Jean McLoughlin antitrust counsel Marta Kelly environmental counsel William O’Brien and international trade counsel Richard Elliott.This article is part of the Global Energy Monitor coverage of coal and power industry data The chapter 11 plan reduced the company’s debt by over $1.1 billion, and allowed Foresight to emerge with $225 million in secured exit facility loans, $75 million dollars of which will convert to equity 60 days following the closing of the exit facility, and approximately $63 million in cash on hand. Bankruptcy Court for the Eastern District of Missouri, and the company emerged from bankruptcy on June 30.įoresight and its subsidiaries filed for chapter 11 on March 10 after entering into a restructuring support agreement with ad hoc creditor groups holding more than 73% of the approximately $1.4 billion in claims under each of Foresight Energy’s first lien loans and second lien notes. Foresight’s chapter 11 plan was confirmed on June 24 by the U.S. Paul, Weiss advised Foresight Energy LP, a publicly held producer and marketer of thermal coal in the Illinois basin, in its successful chapter 11 reorganization. Employment, Workplace Investigations & Trade Secrets.Family Office & High-Net-Worth Individuals.
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